Yuga Labs, the company responsible for the popular Bored Ape Yacht Club (BAYC) non-fungible token (NFT), is downsizing its workforce, according to co-founder Greg Solano.

In a message posted on the social media platform X, Solano explained that the company will be making changes that will result in layoffs. He acknowledged that these decisions were difficult but necessary in order to transform the company’s operations.

Solano elaborated on the reasons behind the restructuring, stating that Yuga Labs had lost its way and needed to refocus. He emphasized the importance of being a smaller, more agile team that excels at a narrower range of tasks.

The announcement comes after Yuga Labs sold the intellectual property rights for its NFT-powered games HV-MTL and Legends of the Mara to gaming company Faraway. Solano sees this as a step towards regaining prominence and allowing Yuga Labs to dedicate more resources to its metaverse project, Otherside.

The initial steps of this plan have already been set in motion with the spinout of HV-MTL and Legends of the Mara, enabling the company to prioritize the development of 3D Otherside. Solano mentioned that more aspects of the plan will be revealed soon, as the company continues to take shape.

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